The Board of Management of PUMA AG welcomes the acquisition by the French luxury goods company Pinault-Printemps-Redoute (PPR) of the stake of Mayfair "Beteiligungsfondsgesellschaft" in PUMA as well as the intended voluntary public take-over offer by PPR to PUMA shareholders.
As a result, PUMA will not only receive the support of a financially strong and leading international company as it implements its Phase IV expansion strategy, but will also benefit from PPR’s global positioning, strong portfolio of premium brands and expertise in the retail business.
Jochen Zeitz, CEO and Chairman, PUMA AG: "The PUMA Board of Management is convinced that PPR, as one of the world’s top fashion and retail companies will be the perfect partner for PUMA, one of the world’s leading Sportlifestyle companies. Both companies have a European background and ideally complement each other with regard to their global perspective. With the support of PPR, we plan to strengthen our position as the leading company in the Sportlifestyle market with a continued focus on long-term sustainable growth.
The PUMA Board of Management unanimously believes that PPR’s engagement is in the best interests of the company and that the announced offer price per share of EUR 330 for the voluntary public take-over offer is fair. Based on a preliminary fairness opinion issued by Lehman Brothers and subject to review of the offer document, the Board of Management will recommend the offer to the PUMA Shareholders.
Last year PUMA strengthened its external design portfolio through a partnership with Alexander McQueen, which included a jointly-launched Footwear collection. Along with other top designers, McQueen is also part of the PPR Group. Going forward PUMA can utilize PPR’s premium segment design and sourcing expertise, contributing to the further improvement of PUMA’s product offering. Additionally, PPR’s experience in worldwide retail, wholesale and multi-brand management will provide valuable support to PUMA’s brand expansion plans.
In a "Letter of Intent" to the PUMA Board of Management, PPR has emphasized its strong interest in PUMA and assures its solid confidence in the company as well as its full support regarding the implementation of the Phase IV goals of PUMA’s long-term development plan.
Francois-Henri Pinault, CEO and Chairman of PPR: "PUMA is one of the leading Sportlifestyle companies in the world. The successful expansion strategy as well as the long-term growth potential of PUMA complement the PPR portfolio perfectly. We guarantee PUMA’s continuity as an autonomous company within the PPR Group and we will support the management with our resources and our know-how in strengthening PUMA’s unique brand positioning.
In the context of the planned transaction there will be no changes with regard to staffing. The PPR Group acknowledges and fully supports that the current board, management and employees of PUMA will continue to work on the successful implementation of the company’s strategy. The employees of PUMA have contributed importantly – with their passion, their creativity and their continuous innovation – to the success of PUMA. The "Letter of Intent" of PPR furthermore states that these corporate values will be ensured in the future. Additionally, all PUMA locations including headquarter locations in Herzogenaurach, Hong Kong and Boston will retain their full independence.